Fuinhaz $SPY read for June 17 2013

First of all I hope everyone had an amazing Father’s day. My was fantastic surrounded by my lovely women, and dearest friends.

So we have the Fed meeting this week, and the market is showing some excitement to the upside. I think that is great, but I like to see how that excitement compares to my  charts.

My charts are telling me that this excitement will meet some resiatance at 164.47. As we can see from the pre-market as I write this at exactly 8:58am, we have the $SPY @ 164.28.

If it can indeed break above this Fibonacci level, then the next target is 165.56.

Something also tells me that at some point the Fed will surprise with a rate increase, and then this crazy pops will just end.

Not that I am bearish, I already mentioned that inumerous times. I just don’t like the market doing what it does best. Illudes retail investors, and suck in the ones who do not have someone sounding the alarm for them.

This weekend in Brazil we had the kick off for the FIFA’s Confederations Cup. That is the pre-world cup rehersal to see if the hosting country is ready for next years challenge.

So far Brazil showed that is very well prepared for the biggest fiasco in World Cup organization. A lot of protests are happening where the populations is showing their insatisfaction with the government, and how ripped off they feel about hosting a cup which they clearly know that they can’t afford.

While the people are shouting and booing the president on the first game, this is clearly the signals I am seeing for the history’s biggest crisis just waitng to happen.

Anyway untill it happens, here are today’s numbers.

$SPY 1st support is 163.38, 2nd support 161.82 and 3rd is 159.84.

$SPY 1st target is 164.47 and 2nd is 165.56, 3rd is 167.19, and 4th just for fun is 167.78.

Trade what you see, not what you think